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Professional Standards for Certified Public Accountants, Economists, and Other Financial Experts

Financial experts may be subject to standards of professional practice from a number of sources when they measure lost profits damages and give related expert testimony. The sources can include governmental regulators as well as professional membership organizations and societies. In addition, a technical community may establish professional standards of practice in other ways.

Court disses restaurant’s ‘direct physical loss’ theories in COVID-19 suit

The key question in many COVID-19-related insurance disputes is what constitutes “direct physical loss,” a federal court recently explained as it rejected a plaintiff’s breach of contract claim against the insurer.

14 Ways to Detect Misrepresentations in Business Interruption Claims

Business interruption insurance claims are on the rise, and analysts need to be on the lookout for misrepresentations. Michael Haugen (JS Held) conducted a session on this at the recent AICPA FVS Conference, and it’s an area where valuation experts would do well to bolster their knowledge and skills in financial forensics. Haugen gives some tips on how to “sniff out” misrepresentations in these claims.

Discovery dispute over damages expert’s undisclosed work paper

In a discovery dispute, a federal court recently found the defendant had no duty to disclose to the opposing side its expert’s “intermediary” working paper that he used to prepare his damages calculation.

National Economic Damages Virtual Conference debuts May 26-27

A mix of damages experts and attorneys will come together to present the very first virtual conference on the preparation and litigation of economic damages cases.

Caesars Entertainment sues over COVID-19-related economic damages

On March 19, Caesars Entertainment joined the long list of businesses that have filed lawsuits against their insurance companies for refusing to pay business interruption losses stemming from COVID-19-related government shutdowns of economies across the nation and world.

Be on the lookout for BI misrepresentations

Business interruption (BI) insurance claims are on the rise, and there are “great opportunities” for analysts on both the business owner side as well as the insurance company side, according to Michael Haugen (JS Held), in an article in the April issue of Business Valuation Update.

Benefit of the Bargain Economic Damages

With good reason, experts in economic damages focus on lost profit calculations in determining breach of contract claims and other litigation. Determining benefit of the bargain is encountered less often but is an important skill for valuation experts to know for litigation. Join Michael Pakter to learn the essential elements of determining benefit of the bargain damages.

Seven Techniques to Consider When Calculating Damages for Early-Stage Companies

Measuring lost profits damages for new or early-stage businesses can be a daunting task. Traditional damage analyses that rely on historical results are often meaningless since, by definition, startup companies usually lack a track record of operating results. Without an historical operating history for measuring lost profits, the damages expert walks a thin line between speculation and a reasoned analysis. Under most circumstances, to be admissible evidence, damage analyses require relevant and reliable factual bases. These legal and evidentiary requirements are often heightened when measuring damages for new businesses.

Whitesell Corp. v. Electrolux Home Prods.

In this Rule 26 discovery case, court says sanctions are inappropriate where the defendant had no duty to disclose its expert’s “intermediary” working paper; however, sanctions are appropriate related to the expert’s miscalculations; court finds expert testimony is admissible under Daubert.

Expert’s Damages Testimony Prompts Motion for Sanctions and Motion to Exclude Under Daubert

In this Rule 26 discovery case, court says sanctions are inappropriate where the defendant had no duty to disclose its expert’s “intermediary” working paper; however, sanctions are appropriate related to the expert’s miscalculations; court finds expert testimony is admissible under Daubert.

BVU News and Trends February 2021

A monthly roundup of key developments of interest to business valuation experts.

Forecasting: Removing Rose Colored Glasses

Projections are commonly relied on for business valuations, lost profits analyses, reorganization plans, and a host of other projects within litigation. Using forensic accounting analysis, the speaker will address “rose-colored” projections and how to work with them. Expert Josh Shilts will discuss how to increase confidence levels of projections using macro and micro market data along with statistical analysis.

Innovation Ventures, L.L.C. v. Custom Nutrition Labs., L.L.C.

This case involves a consideration of motions by both the plaintiff and the defendant to exclude the testimony of the other party’s expert witness on the basis of Daubert and the Federal Rules of Evidence. The plaintiff’s expert offered testimony on how to calculate lost profits based on the plaintiff’s market share. The defendant’s expert offered testimony as to weaknesses in the plaintiff’s calculations and opinions on damages. The court denied both of these cross-motions.

The District Court Refuses to Throw Out Experts Under Daubert Motions, Citing Differences in Admissibility and Scrutiny Under Cross-Examination

This case involves a consideration of motions by both the plaintiff and the defendant to exclude the testimony of the other party’s expert witness on the basis of Daubert and the Federal Rules of Evidence. The plaintiff’s expert offered testimony on how to calculate lost profits based on the plaintiff’s market share. The defendant’s expert offered testimony as to weaknesses in the plaintiff’s calculations and opinions on damages. The court denied both of these cross-motions.

The Top Valuation and Damages Cases of 2020

Our pick of valuation-related court cases includes state and federal court decisions covering many areas of law that dealt with novel issues of law or, in some way, enhanced our understanding of valuation and damages issues as they arose in a litigation setting.

U.K. and U.S. courts differ on COVID-19 business interruption claims

A recent article in the New York Times reports that the U.K. Supreme Court recently ruled that insurers must cover COVID-19-related losses.

2020 Top Business Valuation and Damages Cases

Complicated as the year 2020 was, it was not boring. The past year offered a wealth of lawsuits dealing with business valuation and economic damages issues. The list below shows our Top 10.

BVU News and Trends December 2020

A monthly roundup of key developments of interest to business valuation experts.

Prepare now for future business interruption claims due to COVID-19

Now is the time to educate yourself on how to calculate damages from business interruption due to COVID-19, advised Kerrie Merrifield (Axiom Forensics) at the recent NACVA and the CTI’s 2020 Financial Valuation Virtual Conference.

New edition of landmark damages guide now available

The 6th edition of the Comprehensive Guide to Economic Damages has just been released.

Company or Damage Valuation in a Mediation Context

The number of online mediations has soared due to the pandemic. This article outlines the standard phases of a valuator-assisted mediation and the concept of the best alternative to a negotiated agreement (BATNA) and includes some real-world case studies.

AFM Mattress Co. v. Motorists Commercial Mutual Insurance Company

In this business interruption case resulting from mandatory shutdowns to control COVID-19, the court grants a motion to dismiss claims of plaintiff. While plaintiff claims losses due to COVID-19, it does not sufficiently move the court to consider the virus exclusion of the policy inapplicable. A motion for a sur-response to espouse an alternative theory was also denied but without prejudice.

In COVID-19 Business Interruption Case, Court Finds Plaintiffs Did Not Argue Physical Loss and Virus Exemption Applies

In this business interruption case resulting from mandatory shutdowns to control COVID-19, the court grants a motion to dismiss claims of plaintiff. While plaintiff claims losses due to COVID-19, it does not sufficiently move the court to consider the virus exclusion of the policy inapplicable. A motion for a sur-response to espouse an alternative theory was also denied but without prejudice.

Back to Basics for Lost Profit Damages Calculations Amid COVID-19

Does the pandemic have an impact on the measurement of future lost profits, particularly where the underlying breach occurred before the pandemic arose? This is an area of law that could change as courts begin to face disputes in the context of a COVID-19 world. In the meantime, this article gives a primer on calculating lost profits damages.

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